2014-03-31 03:13:02 - The Insurance Industry in Montenegro, Key Trends and Opportunities to 2017 - a new market research report on companiesandmarkets.com
Montenegro´s insurance industry has been subject to significant changes due to uneven economic growth and development over the last decade. Being less developed than other European insurance industries, its exposure to the global financial crisis was relatively low. Unlike countries with developed insurance industries where the life segment is dominant, Montenegro´s insurance industry is led by the general, or non-life, and personal accident and health segments, which together accounted for 85.9% of the gross written premium in 2012.
The life segment accounted for 14.1% of the total written premium in 2012, although its share has improved significantly since 2003 when it accounted for 4.6%. The Montenegrin life segment grew at a much faster CAGR of 6.9%, than the other two segments
during the review period.
During the last decade, Montenegro´s insurance industry recorded uneven growth, although it was not exposed to the financial crisis of 2008 due to its relative under development. The Montenegrin insurance industry is still in its developmental stages, with only 13 operational companies.
The distribution of insurance products in Montenegro is primarily managed by insurance brokers and agencies. In terms of gross written premium, the Montenegrin insurance industry was led by motor insurance in 2012 with an industry share of 55.5%, followed by property and individual life insurance with 12.0% and 11.8% shares respectively. The industry is highly concentrated and the five leading insurance companies accounted for 90.3% of the total written premium in 2011.
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